Aquamarine Capital’s 13F portfolio decreased
from $118M to $111M during the quarter.

Guy Spier reported just one change for the
quarter: The Seritage Growth Properties position was increased by around
one-third.

Berkshire Hathaway at ~24% of the portfolio is
the largest position.

Guy
Spier’s Aquamarine Capital Portfolio decreased 5.91% from $118M to $111M during
the quarter. The portfolio is very concentrated with just 13 positions. The
largest five positions are Berkshire Hathaway (BRK.A), American Express (AXP), Fiat
Chrysler Auto (FCAU), General Motors Warrants (GM-WTB), and Bank of America
(BAC) & WTS (BAC-WTA). They together add up to ~68% of the portfolio. Most
of the top positions have remained steady in recent quarters. Below is a summary
of recent activity:

1. Seritage Growth Properties (SRG): The 4.50%
portfolio position in SRG saw a one-third increase this quarter at prices
between $43 and $57. The stock is now at
$49.37. The position was established last quarter at prices between $38 and $51.

2. Moody’s Corp (MCO): MCO is a small 2.11%
of the portfolio stake established last quarter at prices between $79 and $100
and the stock is now at $105.

3. General Motors Warrants (GM-WTB): GM Warrants
is a top-five position at 9.45% of the portfolio. The last significant activity
was in Q1 2015 when the original stake saw a one-third increase. For investors
attempting to follow Spier, GM-WTB is a good option to consider for further research.

Ferrari
NV (RACE), a spinoff from Fiat Chrysler is another large presence at 7.34% of
the portfolio.

Below
is a spreadsheet that highlights the changes to the portfolio as of Q2 2016.
Please check out our previous update to have an idea on how the
portfolio is progressing: